SANTA ANA, Calif.--(BUSINESS WIRE)--Stearns Lending, LLC, a leading provider of residential mortgage lending services in Wholesale, Retail, Strategic Alliances and Consumer Direct sectors, today announced it has acquired the wholesale, non-delegated correspondent and consumer-direct lending businesses of Primary Capital Mortgage, LLC (PCM), a leading residential mortgage origination and servicing company.
This significant acquisition is highly complementary to Stearns’ current business and strengths, and reinforces its commitment to continued growth of profitable volume and market share in all of its production channels. Stearns has offered positions to PCM mortgage production related employees impacted by the transaction.
“We are excited to bring our two companies together as part of Stearns’ ongoing pursuit of profitable growth and commitment to being an industry leader,” said David Schneider, CEO at Stearns Lending. “Our two organizations both have complementary strengths and a commitment to excellence, which make our companies well suited to join forces moving forward.”
Over the past 20 years, PCM has demonstrated a continued ability to successfully navigate a competitive market. The Atlanta, Georgia-based company experienced significant growth over the past four years, and originated $1.9 billion in 2016.
“In seeking a partner, we wanted to ensure that our borrowers, brokers and other business partners would continue to receive best-in-class service,” said Anthony Coniglio, CEO at PCM. “I’m incredibly proud of our team’s hard work and dedication to our clients in building a great company at PCM. With its well-deserved reputation for excellence, Stearns is an ideal partner that will build upon this success and offer a work environment in which our employees can excel.”
“This is a fantastic opportunity for Stearns. PCM’s forward-thinking leadership team has done an outstanding job of building a highly productive company through innovation, best practices and a focus on positive work culture,” said James Hecht, COO at Stearns Lending. “Our two organizations also share the belief that a company’s culture and team members are the key elements in achieving success. We anticipate a smooth transition as the transaction proceeds.”
For more than 28 years, Stearns has been helping employees, borrowers and business partners to reach their goals by successfully exceeding expectations and leading the industry with innovation and efficiency.
Houlihan Lokey served as the exclusive financial advisor to PCM.
About Stearns Lending, LLC
Stearns Lending, LLC is a leading provider of mortgage lending services in Wholesale, Retail, Strategic Alliances and Consumer Direct sectors throughout the United States where licenses are held. The company was ranked as the #3 Wholesale Lender nationwide by Inside Mortgage Finance in 2016.*
Stearns Lending is an equal housing lender and is licensed to conduct business in 49 states and the District of Columbia. Additionally, Stearns Lending is an approved HUD (United States Department of Housing and Urban Development) lender; a Single Family Issuer for Ginnie Mae (Government National Mortgage Association); an approved Seller/Servicer for Fannie Mae (Federal National Mortgage Association); and an approved Seller/Servicer for Freddie Mac (Federal Home Loan Mortgage Corporation). Stearns Lending is also approved as a VA (United States Department of Veterans Affairs) lender, a USDA (United States Department of Agriculture) lender, and is an approved lending institution with FHA (Federal Housing Administration). Stearns Lending, LLC is located at 4 Hutton Centre Drive, 10th Floor, Santa Ana, CA 92707. Company NMLS# 1854.
For more information, visit www.stearns.com.
References
*http://www.insidemortgagefinance.com/
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Broker Channels. Rep. no. 2016. Inside Mortgage Finance, June. 2016.
Web. 15 Sept. 2016.
About Primary Capital Mortgage, LLC
Primary Capital Mortgage, LLC is a residential mortgage origination and servicing company with wholesale, correspondent and consumer-direct channels. PCM was founded in 1994 and is licensed in over 40 states. For more information, visit primarycapital.com, email: info@primarycapital.com or call (877) 690-1270. NMLS ID #3076.
